Zacks Investment Research downgrades HomeStreet (NASDAQ: HMST) to hold

HomeStreet (NASDAQ:HMST – Get a Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, reports.

According to Zacks, “HomeStreet, Inc. is a diversified financial services company. The company is engaged in home lending, including mortgage banking, and retail and business banking and serves northern consumers and businesses. -western Pacific and Hawaii.It offers depository services and investment products and cash management services and individual family loans and business loans.HomeStreet’s principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. It operates in Washington, Oregon, Idaho and Hawaii. HomeStreet, Inc. is headquartered in Seattle, Washington.”

A number of other equity research analysts have also recently weighed in on the stock. assumed coverage of HomeStreet stocks in a Thursday, March 31 report. They issued a “hold” rating for the company. B. Riley cut his price target on HomeStreet shares from $60.00 to $55.00 in a Tuesday, April 12 report.

Shares of HMST were up $0.13 in Friday’s midday session, hitting $40.59. 194,109 shares of shares traded in hands, compared to its average volume of 190,853. HomeStreet has a 1-year low of $36.20 and a 1-year high of $57.40. The company has a market capitalization of $759.07 million, a PE ratio of 7.43 and a beta of 0.98. The company has a debt ratio of 0.23, a quick ratio of 0.88 and a current ratio of 0.91. The company’s 50-day moving average price is $47.65 and its two-hundred-day moving average price is $49.34.

HomeStreet Inc (NASDAQ:HMST – Get Rating) last released its quarterly earnings data on Monday, April 25. The financial services provider reported earnings per share of $1.01 for the quarter, beating the consensus estimate of $0.95 by $0.06. HomeStreet had a net margin of 31.69% and a return on equity of 16.28%. During the same period of the previous year, the company made earnings per share of $1.35. As a group, equity research analysts expect HomeStreet to post 4.53 EPS for the current fiscal year.

In other news, Executive Vice President Jay C. Iseman sold 2,904 shares of the company in a trade dated Thursday, February 10. The stock was sold at an average price of $51.54, for a total value of $149,672.16. The sale was disclosed in a filing with the SEC, accessible via this link. 3.80% of the shares are held by insiders.

Several hedge funds and other institutional investors have recently changed their positions in HMST. Goldman Sachs Group Inc. increased its stake in HomeStreet shares by 109.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 390,122 shares of the financial services provider valued at $20,287,000 after buying an additional 204,160 shares last quarter. Invesco Ltd. increased its position in HomeStreet by 92.6% during the fourth quarter. Invesco Ltd. now owns 367,834 shares of the financial services provider worth $19,128,000 after purchasing an additional 176,884 shares during the period. Assenagon Asset Management SA increased its position in HomeStreet by 1,093.5% during the fourth quarter. Assenagon Asset Management SA now owns 181,885 shares of the financial services provider worth $9,458,000 after purchasing an additional 166,645 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in HomeStreet by 367.8% during the third quarter. The Healthcare of Ontario Pension Plan Trust Fund now owns 187,600 shares of the financial services provider worth $7,720,000 after purchasing an additional 147,500 shares during the period. Finally, Millennium Management LLC increased its position in HomeStreet by 64.0% during the fourth quarter. Millennium Management LLC now owns 340,674 shares of the financial services provider worth $17,715,000 after purchasing an additional 132,982 shares during the period. 83.47% of the shares are held by institutional investors and hedge funds.

About HomeStreet (Get a rating)

HomeStreet, Inc operates as a banking holding company for HomeStreet Bank which provides commercial, mortgage and consumer/retail banking services primarily in the western United States. The company offers personal and business chequing, savings accounts, interest-bearing negotiable promissory withdrawal accounts, money market accounts and term deposit certificates; credit card; Assurance; and cash management products and services.

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